Forward Management [profile] has found a buyer.

This morning John Blaisdell, chairman and CEO of Salient Partners [profile], confirms that the Houston-based asset manager is acquiring San Francisco-based Forward. If it goes through, the deal will create an asset manager with more than $27 billion in combined assets. and more than 250 employees in Houston, New York, and San Francisco.

"The combined platform will add scale, reach and depth to all areas of our business, helping us support institutional investors and financial advisors nationwide," Blaisdell states.

Blaisdell will continue as chairman and CEO of the combined company, and Salient's Lee Partridge will serve as chief investment officer. Forward chief operating officer Rob Naka will become COO of the combined company.

Salient notes that "Forward's investment approach and processes are anticipated to remain unchanged" and that the Forward team "will continue to operate from its existing San Francisco office.

The combined firm's product lineup will cover: diversifying alternative investments; fixed income investments; focused equity investments; global asset allocation; and real asset investments like infrastructure strategies, MLPs, and REITs. The FWD Thinking blog and the Salient Epsilon Theory newsletter will both continue.

Founded in 1998 by billionaire Gordon Getty (son of oil baron Paul Getty) as Webster Investment Management, Forward rebranded three years later to match its Forward Funds brand. The subadvised mutual fund shop worked with about $6 billion as of December 31, 2014.  

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